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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #29,901
  • Edited 1:49pm May 13, 2009 10:49am | Edited 1:49pm
if you want a chart of correlations.
Look this link:

http://www.dailyfx.com/story/dailyfx...071711926.html

Also look the post of Raczekfx he trades PPZ with equities stuffs
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #29,902
  • May 13, 2009 10:50am May 13, 2009 10:50am
Quoting mbqb11
That is a very reasonable analysis

I would much rather see a BUOB form b/c the pin doesn't really protrude away from the prior lows(again one my little nit pick things )

If price breaks higher that is where one would expect price to find possible trouble area

Mike
Thanks for your feedback. Much appreciated. Just one question, tho'. Maybe its me trying to find a reason to trade rather than a reason not to as I am getting frustrated with the lack of action but, couldn't the previous (kind of pinish) bars mean that for the 3rd day in a row now, the price has failed to push below 11000 and therefore we might expect a bullish reaction?
  • #29,903
  • May 13, 2009 10:51am May 13, 2009 10:51am
Quoting TotalNewbie
Thanks for your feedback. Much appreciated. Just one question, tho'. Maybe its me trying to find a reason to trade rather than a reason not to as I am getting frustrated with the lack of action but, couldn't the previous (kind of pinish) bars mean that for the 3rd day in a row now, the price has failed to push lower and therefore we might expect a bullish reaction?
absolutelycould mean that. In fact that often happens, and then I like to see a BUOB engulf that action. Remember just b/c one person might not trade a situation doesn't make it untradable. If you still use the components in a smart way that is ok. All about going through the testing phase and learning what works and what doesn't

Best
Mike
  • #29,904
  • May 13, 2009 10:55am May 13, 2009 10:55am
Quoting ikki
if you want a chart of correlations.
Look this link:

http://www.dailyfx.com/story/dailyfx...071711926.html

Also look the post of Raczekfx he trade PPZ with equities stuffs
thnx ikki
ill check them out now
appreciate
Simplicity is the key to success
  • #29,905
  • May 13, 2009 11:01am May 13, 2009 11:01am
I see some pin bars forming on 4hr and 1hr on the eur aud, off the 1.8 round number. AS I entered on daily should I worry about these or simply look at the daily bars?
Economists have forecast 9 out of the last 5 recessions
  • #29,906
  • May 13, 2009 12:23pm May 13, 2009 12:23pm
Quoting markmm
I see some pin bars forming on 4hr and 1hr on the eur aud, off the 1.8 round number. AS I entered on daily should I worry about these or simply look at the daily bars?
Personally, and I know others do this as well, I stick to the TF my setup was on. I don't look at other timeframes (especially lower TFs) to affect my current trade. I believe it's better to not mix n match timeframes .

Tom
  • #29,907
  • May 13, 2009 12:37pm May 13, 2009 12:37pm
Quoting moneybags
Personally, and I know others do this as well, I stick to the TF my setup was on. I don't look at other timeframes (especially lower TFs) to affect my current trade. I believe it's better to not mix n match timeframes .

Tom
i very much agree with u moneybags, entering on a daily tf, you should stick to that tf, watching lower tf might make you close trades prematurely
dont forget PA on higher tf rules over lower tf....well said moneybags
cheers
Simplicity is the key to success
  • #29,908
  • Edited 1:45pm May 13, 2009 12:38pm | Edited 1:45pm
Had to stand in front of the bulls for 126 pips against me, following my rules, after getting in at the close of the daily BEOB, two days ago.
Now, already in profit, with doubts about keeping my TP above 7275 PPZ or getting out at FIBO 38.2...
Many thanks!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audusd_w.gif Size: 20 KB
Click to Enlarge Name: audusd_d.gif Size: 16 KB
Trading: the skill of avoiding trades
  • #29,909
  • May 13, 2009 12:46pm May 13, 2009 12:46pm
Quoting squeezy
i very much agree with u moneybags, entering on a daily tf, you should stick to that tf, watching lower tf might make you close trades prematurely
dont forget PA on higher tf rules over lower tf....well said moneybags
cheers
Thanks guys, I am going to agree was just getting to involved in the trade, just going to trail it up on daily.
Economists have forecast 9 out of the last 5 recessions
  • #29,910
  • May 13, 2009 2:09pm May 13, 2009 2:09pm
Quoting eswap0
Had to stand in front of the bulls for 126 pips against me, following my rules, after getting in at the close of the daily BEOB, two days ago.
Now, already in profit, with doubts about keeping my TP above 7275 PPZ or getting out at FIBO 38.2...
Many thanks!
I like this setup today, but you should know that it was NOT a BEOB two days ago... the second bar must trade outside both the prior high and low... The best BEOB also close below the prior low.

Josh
  • #29,911
  • May 13, 2009 2:09pm May 13, 2009 2:09pm
Quoting markmm
Thanks guys, I am going to agree was just getting to involved in the trade, just going to trail it up on daily.
euraud trade, not in it...closed order after the daily pin failed to execute but later formed an inside bar off 1.77 ppz, i think wat jarroo calls possible momentum building....lol
the question now is 1.83 area, to be or not to be????

cheers

sorry, was just thinking out loud
Simplicity is the key to success
  • #29,912
  • May 13, 2009 2:10pm May 13, 2009 2:10pm
Evening all.
Anybody taking the plunge with this outside bar on the Aussie? Closed under the 150ema, and seems to have a bit of room to run.
Attached Image (click to enlarge)
Click to Enlarge Name: audusd.gif Size: 15 KB
  • #29,913
  • May 13, 2009 2:11pm May 13, 2009 2:11pm
BEOB on AUD/USD daily at swing high, space to move and at 61 fib?

I've placed an order below 1.7500 nearest ppz is at @1.7300
Attached Image (click to enlarge)
Click to Enlarge Name: audusddaily13-05-09-2.gif Size: 20 KB
Economists have forecast 9 out of the last 5 recessions
  • #29,914
  • Edited 2:38pm May 13, 2009 2:28pm | Edited 2:38pm
Quoting bakko85
Finally it seems that this setup will work out.. A BEOB on the 4h followed by a violent break of the PPZ at 0,60. I moved my stop just above this level and see how this 4h bar will close. My take profit at 58,10 is too greedy? Maybe, i'm ready to move TP at about 0,5900, which seems to be the first trouble zone.
What do you think?
Well done bakko. This shows the power and strength of an A trade setup in my book. Even Mike would have to agree on the location and supporting confluences. Heck, it even had a hard break.

Swing High, initial break is below the big round nummber of .6000, Weekly/Daily PPZ level .6100-.6000 (.6050ish), Divergence. The PB could have been bigger but what else is there to look for.

I would look for targets on the same time frame you took the trade: On the Daily (green lines).

I nice confidence builder on the power of high quality "A" PA setup. imo

Jim (sorry can't post charts, had to use yours)

http://i43.tinypic.com/2i12oo4.jpg
Indicators show the past. Price Action "Indicates" the future.
  • #29,915
  • May 13, 2009 2:29pm May 13, 2009 2:29pm
Quoting markmm
BEOB on AUD/USD daily at swing high, space to move and at 61 fib?

I've placed an order below 1.7500 nearest ppz is at @1.7300
I'm also getting in this at .7490. Going to be watching .7470 and 7400 at there are some bar highs/lows.
  • #29,916
  • May 13, 2009 2:40pm May 13, 2009 2:40pm
Quoting markmm
BEOB on AUD/USD daily at swing high, space to move and at 61 fib?

I've placed an order below 1.7500 nearest ppz is at @1.7300
Agreed. good location and good sized PA.
I'm going in at 1.7496 (using FXDD charts, 10pip below the daily low)

let's see where the trade take us.
  • #29,917
  • May 13, 2009 2:43pm May 13, 2009 2:43pm
Quoting fxsheep
Agreed. good location and good sized PA.
I'm going in at 1.7496 (using FXDD charts, 10pip below the daily low)

let's see where the trade take us.
I've set for 7480 just because its a round number and want to skip false break.
Economists have forecast 9 out of the last 5 recessions
  • #29,918
  • May 13, 2009 2:44pm May 13, 2009 2:44pm
Quoting markmm
BEOB on AUD/USD daily at swing high, space to move and at 61 fib?

I've placed an order below 1.7500 nearest ppz is at @1.7300

I love the location (check out the nice PPZ flips on the weekly chart) but the sideways action over the last three days is making me cautious.

Also the big bullish bar on the weekly (last weeks bar) puts me off a bit.
Attached Image (click to enlarge)
Click to Enlarge Name: audppz.gif Size: 14 KB
  • #29,919
  • May 13, 2009 2:45pm May 13, 2009 2:45pm
Quoting markmm
I've set for 7480 just because its a round number and want to skip false break.
I'm taking it too! (If it breaks of course).
  • #29,920
  • May 13, 2009 3:05pm May 13, 2009 3:05pm
Quoting Jduester
I'm taking it too! (If it breaks of course).
hopefully it breaks, i see a nice divergence too
shld post a chart but im already in the trade on an aggressive entry today around 0.7580 and my stop is jst above 0.76 ppz,( on the path to discover wat kind of trader i am- aggressive or conservative)
so far, my aggressive trades hav been working out, just need fine tuning on a couple of things....lol
practice , practice and more practice is the key
cheers
Simplicity is the key to success
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